Trulioo will use the new capital to advance its mission of building trust online
Trulioo, a Vancouver-based global identity verification provider, has raised a total of C$70 million in new funding, including $60 million in Series C financing led by Goldman Sachs Growth Equity, with participation from Citi Ventures, Santander InnoVentures and existing investor American Express Ventures, and $10 million in unannounced follow-on funding from early investors Blumberg Capital and BDC Capital from last year. This brings Trulioo’s total capital investment since 2011 to $96.6 million.
The funding round will lead the company into its next growth phase, including scaling up operations in new markets to tackle today’s most pressing global problems associated with verifying identities, furthering financial inclusion and safeguarding trust and privacy. Trulioo expects to grow its headcount to 200 people from 130 today, with hiring planned across its Vancouver, San Francisco and Dublin offices.
“Today, families, businesses and entire economies are being powered by the global shift towards a truly digital economy, which is exciting but also opens up new forms of risk,” said Stephen Ufford, CEO and founder of Trulioo. “We’re committed to leveraging technology to help our customers fight financial crime, money laundering and election fraud. I’d like to thank our investors for their trust in the work we are doing and for enabling us to push forward our solutions that transcend boundaries and channels, and which facilitate trusted transactions from anywhere, instantly.”
Trulioo provides instant global identity verification for five billion consumers and more than 250 million business entities in over 195 countries — all through a single API integration. The company serves customers in a wide range of industries including technology, banking, retail, payments, online marketplaces and social media networks. By integrating with Trulioo’s API, organizations are able to instantly verify the identities of more than two-thirds of the world’s population, enabling those who were previously excluded opportunities to pursue a better life by participating in today’s modern digital economy. Trulioo’s GlobalGateway gives organizations real-time access to hundreds of reliable data sources, allowing them to stay compliant with anti-money laundering and customer due diligence requirements around the world.
Trulioo is a global identity and business verification company that provides secure access to reliable, independent and trusted data sources worldwide to instantly verify consumers and business entities online. Trulioo’s marketplace of global identity data and services, GlobalGateway, helps organizations comply with Anti-Money Laundering (AML) and Customer Due Diligence (CDD) requirements by automating Know Your Customer (KYC) and Know Your Business (KYB) workflows. Trulioo supports global clients to instantly verify five billion customers and 250 million business entities in over 195 countries – all through a single API integration. Named as a CNBC Disruptor 50 Company, Trulioo’s mission is to solve global problems associated with verifying identities by powering fraud prevention and compliance systems for customers worldwide in an effort to increase trust and safety online. For more information visit trulioo.com.
Trulioo is a sponsor of the BIIA 2019 Biennial Conference and Stephen Ufford will be a panelist on the subject of Identity, which has become a high growth business activity driven by AML, KYC, eKYC compliance requirements.